Eligibility
Does my business have to be located in the East of England to register for Understanding Finance for Business?
Yes you must have a business already established in Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk or Suffolk or you must be based in the region with intent to set up here.
Who is Understanding Finance for Business aimed at?
It is exclusively for entrepreneurs or businesses with less than 250 employees looking to raise £10,000 or more.
Can I get involved if I just have an idea?
Yes, if you intend to set the business up in the East of England region.
I need to raise finance urgently – is this the right programme for me?
‘Understanding Finance for Business’ is not a quick fix. It helps you identify the right funding route for your business e.g. grant, bank loan, angel or venture capital, and it equips you with the knowledge and support to enable you to apply/pitch for funding. There are a range of dates and venues so it should be possible for you to attend within a short time period, and then, if appropriate seek mentor support. However, if you urgently require support, speak to a Business Link adviser or your bank manager.
Programme
How long does Understanding Finance for Business take?
You work at your own pace and it depends on the type of funding you are trying to secure but realistically you are unlikely to reach a conclusion and secure funding in less than 3 months.
How long are the workshops?
Raising Finance – half day Registration 8.30am Workshop 9am – 1pm
‘Focus’ workshops – full day
Is there a cost?
No, the workshops are free but businesses are responsible for their own travel expenses to attend.
How do you decide which businesses will be able to proceed onto the next stage of the programme?
If you are confident with your business funding requirements and understand the type of funding you require, you will be suitable to progress to the Focus workshops. Guidance on preparing a business plan will be made available during the Raising Finance workshop and if you need further support writing a business plan you will be signposted to your local Business Link Adviser.
What happens if I am not ready to proceed to the Focus workshops?
You can progress at an appropriate time for you later in the programme and if you need further support you will be able to access this from Business Link.
Can I go straight to the Focus workshops as I know what finance is available to me/don’t have time to go to both?
All businesses should attend a Raising Finance workshop wherever possible, to be updated on the current funding issues across the range of types. However, there is flexibility for people to proceed direct to Focus workshops on the recommendation of a Business Link Adviser who will complete a diagnostic with you. If you have a fully developed business plan and an allocated Business Link adviser, you should contact your adviser to discuss this.
I don’t have a Business Link adviser – who else can I speak to about the above?
If you have a well developed business plan, contact Janette Pallas at St John’s Innovation Centre, who will discuss with you and assess the correct stage of the programme for you to enter.
Mentoring
How do I qualify for mentoring?
On completion of Focus workshops you have the opportunity to apply for mentoring. If you do so, you will be asked to submit a business plan. If deemed suitable for mentoring then a mentor will be allocated to you and he/she will support you through the funding process. If it is felt that your business proposition needs further work, you will be given feedback on this and referred to other appropriate support.
Who would mentor me?
This will depend on the type of funding that you are trying to raise. For example, if you are raising grant finance, a specialist with a track record in raising grant finance will work with you. If you are looking to raise equity finance, investment specialists with extensive experience in raising equity finance and well developed links into regional investment networks will support you. If you are raising bank or other associated finance, experienced bank managers with knowledge of current lending issues will help you prepare your proposition to banks or other lenders. You can find out about our team here.
How much one-to-one time would be allocated to me for mentoring?
There is up to 2 days of mentor time allocated. As this time is limited, it is essential that the business plan and proposition are well developed prior to spending time with your mentor, to ensure that you derive maximum benefit from the knowledge and contacts that the mentor can provide.
Over what period of time?
As with the rest of the programme, mentoring would allow you work at a pace to suit you. However, the programme will end January 1st 2012.
Pitching
Who decides if I am ready to pitch to investors?
Your mentor will discuss this with you and the others mentors. It will be counter productive to put you forward to pitch before you are ready but the practice/mentoring session will also help to inform a decision about your readiness for investment.
Who would I pitch to?
The investment panel for the pitch days is selected according to the nature of the companies pitching but panel members would all be experienced investors.
